Thursday, 29 June 2017

EPIC RESEARCH MCX CRUDE OIL UPDATE OF 29 JUNE 2017

Crudeoil trading range for the day is 2813-2945. Crude oil rose as a decline in U.S. production underpinned the market that has been under pressure from a global supply glut.However, upside seen limited amid fears that an uptick in output by Nigeria and Libya were undermining OPEC and its allies’ efforts to curb oversupply. Inventories of U.S. crude unexpectedly rose by roughly 118,000 barrels in the week ended June 23, below expectations of draw of about 2.5m barrels.